Lower Oak Lawn named 2011 Public-Private Deal of the Year by DBJ

March 1st, 2011 by Jessica MacDonald

Last Thursday PegasusAblon’s Lower Oak Lawn in the Dallas Design District project was named Public-Private deal of the year winner at the Dallas Business Journal’s 2011 Best Real Estate Deals dinner.

The master plan by PegasusAblon and their investment partner, The Lionstone Group, for the approximately 40-acre area, includes development of more than 1,300 apartments, 800,000 square feet of showroom and gallery space, a new public park, upgraded road systems, restaurants and a future boutique hotel.

PegasusAblon partnered with the City of Dallas through new a TIF district to support infrastructure and aesthetic improvements in the Dallas Design District. PegasusAblon committed $6 million of private capital to upgrading public infrastructure to support development and to improve the streetscape of the area. A major focus included reestablishing the street grid, and creating a new, central heart to the Design District. Lush landscaping, impressive public art from local sculptors, improved lighting, a new amphitheater, prominent entry features and other community-centered attributes give the neighborhood new personality and style.

The successful revitalization of the Dallas Design District required the coordination of many strategic partnerships between both public and private stakeholders. The project involved coordination between multiple jurisdictional entities, the newly formed Oak Lawn-Hi Line PID, two non-profit groups as well as 30 separate property ownerships and four private developers.

To accomplish the integrated master plan, seven different professional design and consulting groups were integrated into the development team to accomplish the highest quality work in each of the respective disciplines, including Good Fulton Farrell, TBG Partners, HKS Architects, and others.

This project required constant coordination and communication with such entities and individuals as:

  • City of Dallas (including the assistance of Karl Stundins and Karl Zavitkovsky)
  • Oak Lawn-Hi Line PID
  • Dallas Design District TIF Board #621
  • Dallas County
  • North Texas Council of Governments
  • State of Texas
  • Texas Department of Transportation
  • Trinity Strand Trail (including assistance of Mike Kutner)
  • Katy Trail
  • More than 30 separate property plats and four different private developers, all in an evolving 3-year coordination.

Tax records show that the from the base tax year of 2005 through 2009, the assessed taxable value of property in the Dallas Design District TIF had grown 88.4 percent to more than $267 million.

PegasusAblon’s goal was to breathe new life into a historic area and to raise the sea level of the entire neighborhood, not just its properties. PegasusAblon has effectively preserved and enhanced a precious piece of Dallas history, and simultaneously created an economically viable region ripe for future growth.